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Sequentially, Escorts' total tractor sales declined 47.6% in July 2021 as compared with 12,533 tractors sold June 2021. The company said it has registered highest ever July sales.
Domestic tractor sales in July 2021 was at 6,055 tractors as against 4,953 tractors in July 2020, registering a growth of 22.2%. The three-week slowdown in monsoon activity from mid-June to mid-July temporarily affected sowing of Kharif crops leading to some slowdown in sales in July. Meanwhile, Escorts said that the commodity inflation continued to put pressure on the margins despite three price increases in the last nine months.
Export tractor sales in July 2021 was at 509 tractors against 369 tractors sold in July 2020, registering a growth of 37.9%.
Escorts is one of India's leading engineering conglomerates. The company has diversified business in to three different segments: Escorts Agri Machinery (EAM), Escorts Construction Equipment (ECE) & Railway Equipment Division (RED).
Shares of Escorts were trading 2.06% lower at Rs 1,160 on BSE.
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